What is financial aid?
Financial aid is money to help you go to college. The money comes from the federal government, the state government, the colleges, and from private sources. Usually it is in the form of grants and scholarships (free money you do not have to repay), jobs (money you earn) or loans (money you have to repay). Financial aid is used to assist students and parents in meeting the cost of a college education, and it is designed to reduce the financial barriers of attending college. As the beneficiary of higher education, you and your family have the primary responsibility for the cost of college, to your ability. Financial aid is intended to supplement-not replace-your ability to manage those expenses.
Financial Aid is a broad term that one generally refers to when talking about funds used for schooling. Financial aid funds come from a variety of sources, and may or may not require repayment. There also may be stipulations regarding the use of the financial aid-for instance, one source may only allow funds to be used for tuition, while another source may impose no restriction at all.
Financial aid is money provided by federal, state, institutional and private sources to assist people who want to attend college. There are two types of financial aid. The first type is called merit or scholarship assistance. At NJC scholarships are available for students who have good grades, show academic potential or meet the qualifications for other private funds (financial need may be one of the criteria). Need-based or need-determined, is the second type of financial aid available at NJC. To qualify for need-determined aid, students must complete the Free Application for Federal Student Aid (FAFSA), and have their financial situation analyzed by a national formula called Federal Methodology. (If the student meets the official definition of “dependent”, their parents’ financial position is also taken into consideration.) It is possible for a student to have both merit- and need-based financial aid at the same time.
